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General Level 1 Licensing > Insurance Industry Knowledge > Flashcards

Insurance Industry Knowledge Flashcards

1
Q

CIP stands for…

A

Chartered Insurance Professionals

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2
Q

how many courses are required to pass CIP course?

A

10
5 mandatory
3 required (available streams: claims, UW, broker streams)
2 elective

and one year industry knowledge

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3
Q

who offers the CIP program?

A

Insurance Institute of Canada

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4
Q

what does IBAA stand for

A

insurance brokers association of alberta

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5
Q

what does IBAA offer?

A

CAIB

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6
Q

how many programs make up CAIB designation?

A

4

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7
Q

what does IBAC stand for?

A

Insurance brokers association of canada

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8
Q

who does NOT offer CE credits?

A

insurance bureau of canada

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9
Q

what does the insurance bureau of canada do?

A

consumer education

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10
Q

what does PACICC stand for>

A

property and casualty insurance compensation corporation

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11
Q

Everything insurance related in Alberta reports to who?

A

the Minister of Finance in province of Alberta

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12
Q

superintendent of insurance oversees:

A

-banks (deputy superintendent)
-trust companies (deputy superintendent)
-life insurance companies (deputy superintendent)
-general insurance companies (deputy)

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13
Q

what is the responsibility of the Deputy Superintendent?

A

to market conduct and compliance
and reports to Superintendent of Insurance

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14
Q

what does OSFI stand for?

A

office of the superintendent of financial institutions

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15
Q

what is the responsibility of the OSFI?

A

measuring solvency of ANY federally incorporated insurer

-ex: desjardins or intact

-if a company is bankrupt, PACICC helps the client

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16
Q

what does the Provincial Superintendent of Insurance do?

A

-approves policy wordings
-oversees insurance licensing (through AIC)
-measures solvency of Alberta Insurance Companies (provincial) (ex: AMA)

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17
Q

what are the certificate terms for continuing education?

A

“certificate term” means July 1-June 30

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18
Q

once licensed, how many hours, broker/agent must complete how many hours of approved CE courses/.

A

15

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19
Q

how many CE hours are able to be carried over to next term?

A

7.5

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20
Q

agents who sell what type of insurance are not required to complete CE hours?

A

agents and adjusters who only deal with hail/travel insurance/equipment/ livestock

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21
Q

what is the General Insurance Council made up of?

A

volunteer brokers and managers from insurance companies

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22
Q

what is the role of the General Insurance Council?

A

to decide on exam content, help make decisions in the industry

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23
Q

does the GIC report to the AIC?

A

no, but use their admin for support

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24
Q

why would an agent/broker need Level 2?

A

to work unsupervised

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25
Q

what criteria must be met for an agent/broker to qualify for Level 3?

A

must have held level 2 for at least 24 of 36 previous months

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26
Q

what is the AIRB?

A

alberta insurance rating board

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27
Q

what does AIRB do?

A

-reports to minister of finance
-handles the Grid Rate Calculator

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28
Q

the grid applies to what auto coverage sections?

A

only mandatory sections, A and B

29
Q

as drivers gain experience and drive without claims and convictions.

A

their premiums decrease annually

30
Q

inexperienced drivers are those who have less than how many years driving experience?

A

less than 8 years

31
Q

inexperienced drivers who have completed driver training start at what grid step level and percent discount on premium?

A

-step -2, 10% below entry level

32
Q

each year without an at-fault claim in 3rd party liability coverage, the driver receives a futher ______to_____% reduction in base premium.

A

5-50

33
Q

each at fault claim moves driver up how many steps on the grid?

A

5

34
Q

convictions and at fault claims could result in …

A

surcharges on premium

35
Q

what is another word for the all-comers rule?

A

adverse contractual action

36
Q

what is the all-comers rule?

A

by law, insurers must offer at least a quote for mandatory coverages in Alberta (A&B)

37
Q

what type of auto coverage does the all comers rule apply to?

A

personal auto

38
Q

what is the only circumstance under which an insurer can deny a potential insured coverage?

A

if have really bad credit

39
Q

what does PIPEDA stand for?

A

personal information protection and electronic documents act

40
Q

what does PIPEDA do?

A

requires organizations to develop processes to ensure that private information they have about customers and employees is safeguarded and not improperly disclosed to others. if a business fails to exercise due diligence in this regard, they could be held liable under a civil proceeding.

41
Q

individuals may file a complaint with who if an organization is in violation of PIPEDA?

A

the privacy commissioner

42
Q

in appendix A of PIPEDA, the Insurance Act sets out 10 privacy protection principles that must be followed by organizations. what are they?

A

accountability
identifying purposes
consent
limiting collection
limiting use, disclosure and retention
accuracy
safeguards
openness
individual access
challenging compliance

43
Q

what does PIPA stand for?

A

personal information protection act

44
Q

what does PIPA do?

A

-applies to private commercial organizations in the province of alberta

45
Q

when could PIPA authorize collection of personal information without consent?

A

an employer may collect, use, or disclose employee information without consent if reasonably required in the employer-employee work relationship

46
Q

PIPA is the _____________ ______________ to PIPEDA

A

provincial counterpart

47
Q

both PIPA and PIPEDA govern…

A

the private sector and mandate how personal information may be collected, used and disclosed

48
Q

what is FOIPP?

A

freedom of information and protection of privacy act

49
Q

what does FOIPP do?

A

applies to all PUBLIC bodies rather than private organizations in the province of AB.
-governs how public bodies may collect, use or disclose personal info

50
Q

what are some examples of public bodies governed by FOIPP?

A

govt ministries
police
municipalities
universities
colleges
school boards

51
Q

what does ULC stand for?

A

underwriter laboratories of Canada

52
Q

does ULC do?

A

not for profit safety organization involved in testing, inspection and certification of equipment/devices/ materials
-insurers will often insist that a device be ULC approved before agreeing to insure the risk

53
Q

what does CSIO stand for?

A

centre for study of insurance operations

54
Q

what does CSIO do?

A

-association of general insurers, brokers and software providers
-their primary focus is the development and maintenance of software solutions to provide a competitive advantage to the broker distribution system by improving its efficiency
helps brokers and insurers become more efficient

55
Q

what is an example of something CSIO completed?

A

pink cards on phone in AB

56
Q

what does the insurance institute of canada do?

A

not for profit organization that provides education and professional development oppportunities

-offers CIP, ACIP, FCIP

57
Q

what does the insurance brokers association of canada do?

A

not for profit trade org
provides brokers with professional development opportunities

-offers CAIB, CCIB, CPIB

58
Q

what does CICMA stand for?

A

canadian insurance claims managers association

59
Q

what does CICMA do?

A

provides company claims managers with an opportunity to share best practices

-administers the Canadian Inter-Company Arbitration Agreement
-when insurance companies who are signatory to the agreement have disputes with each other, such disputes are arbitrated by the Agreement

60
Q

what does CIAA stand for?

A

canadian independent adjusters’ association

61
Q

what does the CIAA do?

A

provides leadership and representation of independent adjusters’ collective interest to the public, govt and industry on a regional , provincial and national level.

offers Chartered loss adjusters and fellow chartered loss adjusters designations

62
Q

in AB, independent adjusters must hold…

A

a certificate of Authority as required by the insurance act

63
Q

what does ICLR stand for?

A

institute for catastrophic loss reduction

64
Q

what does the ICLR do?

A

-affiliated with university of western ontario

-focuses on risk management practices to reduce human suffering and loss of life as well as the financial impact of catastrophic natural disasters
-researches cost effective ways to build stronger structures that can withstand severe weather or other natural events

65
Q

what is CADRI?

A

canadian association of direct relationship insurers

66
Q

CADRI is made up of which representative direct writing insurance companies?

A

allstate
belair direct
co-operators
desjardins
TD
RBC

67
Q

what does CADRI do

A

focuses on enabling innovation to provide service and products in the manner consumers want
promotes a competitive market where the fair treatment of customers is held in high regard
-voice of DW is heard through CADRI

68
Q

what does RIMS stand for

A

risk and insurance management society

69
Q

what does RIMS do

A

focuses on risk management issues and education

General Level 1 Licensing (23 decks)

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